Published on 9/21/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.28 million phoenix autocallable notes on three stocks
By Kiku Steinfeld
Chicago, Sept. 21 – Barclays Bank plc priced $1.28 million of phoenix autocallable notes due Feb. 5, 2024 linked to the least performing of the stocks of Caterpillar Inc., Zscaler, Inc. and Goldman Sachs Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at a rate of 23.5% per year if each stock closes at or above its barrier price, 70% of its initial price, on the related quarterly observation date.
The notes will be called at par if each stock closes at or above its initial level on any quarterly determination date after six months.
The payout at maturity will be par unless any stock finishes below its 70% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing stock, payable in shares or cash at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Caterpillar Inc., Zscaler, Inc. and Goldman Sachs Group, Inc.
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| Amount: | $1,275,000
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| Maturity: | Feb. 5, 2024
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| Coupon: | 23.5%, payable quarterly if each stock closes at or above its barrier price on related quarterly observation date
|
| Price: | Par of $1,000
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| Payout at maturity: | Par unless any stock finishes below its barrier price, in which case investors will lose 1% for each 1% decline of the worst performing stock, payable in shares or cash at the issuer’s option
|
| Call: | At par if each stock closes at or above its initial level on any quarterly determination date after six months
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| Initial prices: | $201.56 for Caterpillar, $257.11 for Zscaler, $354.68 for Goldman
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| Barrier prices: | $141.09 for Caterpillar, $179.98 for Zscaler, $248.28 for Goldman; 70% of initial prices
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| Equity ratios: | 4.9613 for Caterpillar, 3.88939 for Zscaler, 2.81944 for Goldman
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| Pricing date: | Jan. 31
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| Settlement date: | Feb. 3
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741WT26
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